It's been slightly more than two years since Royal Dutch Shell issued a glowing forecast about the liquefied natural gas market.

According to the energy giant at that time, the market was continuing to defy expectations, with demand growing more than 10 percent in 2017.

"Based on current demand projections, Shell sees potential for a supply shortage developing in mid-2020s, unless new LNG production project commitments are made soon," its news release stated.

This set the stage for Shell giving the green light later in 2018 to a $40-billion LNG infrastructure project in northern B.C.

Shell is the largest shareholder in the LNG Canada plant in Kitimat. Among the others is PetroChina, which is a Chinese state-owned energy company.

But less than two years after that fateful news release was issued, the LNG market crashed in Asia, with prices dipping at one point below US$3 per million British thermal units.

Now, Shell has to deal with the consequences of a supply glut.

On the S&P Global Platts website yesterday, analyst Cindy Liang pointed out that PetroChina has reduced its pipeline gas imports into China.

That's after two months of weak demand due to the COVID-19 outbreak.

"Total gas demand from the world's largest gas importer is estimated to have increased to 70%-80% of normal levels this week, and was expected to fully recover by April as the outbreak is brought under control," Liang wrote, "but the spread of the pandemic in other countries has created new uncertainties, according to market sources."

Shell is a huge player in the international LNG industry. It has not only been battered by low LNG prices, but also by low world oil prices.

Below, you can see how shareholders have reacted to the company's predicament. While the stock rose today, it's still far below where it's been over the past five years.